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ARTICLE · 10 JANUARY 2011

OSFI Finalizes Guidance for Reinsurance Security Agreements and Reinsurance Practices

Torys
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On December 24, the Office of the Superintendent of Financial Institutions (OSFI) released in final form its Guidance for Reinsurance Security Agreements (the RSA Guidance) and Guideline B-3, Sound Reinsurance Practices and Procedures, following public consultations on draft versions issued in August 2010.

CanadaInsurance
Blair Keefe
Blair Keefe
R. John Cameron
R. John Cameron
Sanjit Sodhi
Sanjit Sodhi
Tom Zverina
Tom Zverina
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Torys releases supporting documentation to comply with new Guidance

On December 24, the Office of the Superintendent of Financial Institutions (OSFI) released in final form its Guidance for Reinsurance Security Agreements (the RSA Guidance) and Guideline B-3, Sound Reinsurance Practices and Procedures, following public consultations on draft versions issued in August 2010. Earlier today, Torys released the following draft documentation to comply with the RSA Guidance: (i) a form of Reinsurance Security Agreement (RSA); (ii) a form of Control Agreement; and (iii) forms of legal opinions to be provided by Canadian and foreign counsel. We have also created a chart that summarizes the basis on which the forms of draft documentation purport to comply with the RSA Guidance. This documentation (collectively, the RSA Supporting Documentation) is available here.

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